View of Naver office building. (Photo=Naver)

 

[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Securities presented Naver's target price of 290,000 won on the 28th and maintained its investment opinion 'buy'. This is because profit growth in the first quarter is expected.

It is estimated that Naver's sales in the first quarter of this year will be 2.4661 trillion won (8.1% increase from the same period last year) and operating profit will be 391.6 billion won (18.5% increase). This is a positive performance that meets market expectations (operating profit of 385.3 billion won).

"It is encouraging that defensive searches in digital ads are expected to grow 4.7% in the first quarter compared to the same period last year, and home feeds and platforms (clips) have been growing faster than internal expectations since their introduction," said Hyundai Motor Securities Co.

Hyundai Motor Securities expects Naver's overseas webtoons to lose less.

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